LATAM Macro Challenges & Opportunities
May 2017
Topics: • Macro overview of the region.
• Reforms: regional efforts to boost productivity. • Brazil's Lava Jato – regional impact & implications. • Implications of US election for Mexico.
1
The macro outlook for the region
In some ways, LATAM has long been a global middle class
GDP as % of OECD GDP
GDP per capita as % of OECD GDP
Source: OECD, IMF
Source: OECD, IMF
90.0%
40.0%
80.0%
35.0%
70.0%
1987
1900
2016
30.0%
1987 60.0%
1900
2016
25.0%
50.0%
20.0% 40.0%
15.0%
30.0%
10.0%
20.0%
10.0%
5.0%
0.0%
0.0% LATAM as % of OECD
Asia as % of OECD
LATAM as % of OECD
OECD: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Norway, Sweeden, Switzerland, USA, UK. Asia: Bangladesh, China, India, Indonesia, Pakistan, Philippines, S. Korea, Taiwan, Thailand. LATAM: Argentina, Brazil, Chile, Colombia, Peru, Mexico.
Asia as % of OECD
OECD: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Norway, Sweeden, Switzerland, USA, UK. Asia: Bangladesh, China, India, Indonesia, Pakistan, Philippines, S. Korea, Taiwan, Thailand. LATAM: Argentina, Brazil, Chile, Colombia, Peru, Mexico.
3
Brazil’s growth collapse is a combination of confidence, Lava-Jato, and debt Household debt service as % of disposable income
LATAM GDP growth (% y/y)
Source: BCB, ScotiaFIC Strategy.
Source: IMF, ScotiaFIC Strategy.
24.0%
5.0% 4.0%
23.0%
3.0%
22.0%
2.0%
21.0%
1.0% 20.0%
0.0% 19.0%
-1.0% 18.0%
-2.0% 2014
2015
2017
2018
2016
17.0%
-3.0%
16.0%
-4.0%
-5.0% Brazil
Chile
Colombia
Mexico
15.0% mar-05 mar-07 mar-09 mar-11 mar-13 mar-15
Peru 4
Brazilian public finances are challenging, Peru & Chile very sound
General Government Gross Debt (% of GDP) Source: IMF, ScotiaFIC Strategy.
Level and trajectory are both concerning
90.0%
80.0%
General Government Overall Balance (% of GDP)
Brazil
Chile
Colombia
Mexico
Source: IMF, ScotiaFIC Strategy.
6.0% 4.0%
Peru 70.0%
2.0%
60.0%
0.0%
50.0%
-2.0%
40.0%
-4.0%
30.0%
-6.0%
20.0%
-8.0%
10.0%
-10.0%
0.0%
-12.0%
Brazil
Chile
Colombia
Mexico
Peru 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
5
How competitive is LATAM? Institutions Competitiveness Index 2016 - 2017
Global Competitiveness Index 2016 - 2017
(Numbers in brackets: global rank) Source: WEF, ScotiaFIC Strategy.
(Numbers in brackets: global rank) Source: WEF, ScotiaFIC Strategy. Brazil (81)
Singapore (2)
Peru (67)
Switzerland (6)
Colombia (61)
Japan (16)
Mexico (51)
Canada (18)
Chile (33)
Australia (19)
China (28)
US (27)
Korea (26)
Taiwan (30)
Australia (22)
Chile (35)
Canada (15)
China (45)
Taiwan (14)
Korea (63)
Japan (8)
Peru (106)
US (3)
Colombia (112)
Singapore (2)
Mexico (116)
Switzerland (1)
Brazil (120) 0
1
2
3
4
5
6
7
0
6
1
2
3
4
5
6
7
Infrastructure in Latin America: the region needs help, but needs to speed up the process
Infrastructure Competitiveness Index 2016 - 2017
Procedures to obtain a permit (number)
(Numbers in brackets: global rank) Source: WEF, ScotiaFIC Strategy.
Source: World Bank, ScotiaFIC Strategy. Korea
Singapore (2)
China Brazil
Japan (5)
United States
Switzerland (6)
Peru Russian Federation
Korea (10)
Mexico Chile
US (11)
Japan
Taiwan (13)
Colombia Australia
Canada (15)
Singapore
Australia (17)
Hong Kong SAR Taiwan
China (42) Sub-Saharan Africa
Chile (44)
South Asia
Mexico (57)
OECD high income Middle East & North Africa
Brazil (72)
Latin America & Caribbean Europe & Central Asia
Colombia (84)
East Asia & Pacific
Peru (89) 0
1
2
3
4
5
6
0
7
7
10
20
30
40
Infrastructure in Latin America: how much of an issue is rule of law Time to obtain a permit (days)
Time to enforce a contract (days)
Source: World Bank, ScotiaFIC Strategy.
Source: World Bank, ScotiaFIC Strategy.
Brazil
Colombia
China
Brazil
Russian Federation
Chile
Japan
China
Peru
Peru
Chile
United States
Australia
Australia
Mexico
Japan
United States
Mexico
Colombia
Russian Federation
Singapore
Singapore
Hong Kong SAR
Hong Kong SAR
Korea
Taiwan
Taiwan
Korea
Sub-Saharan Africa Sub-Saharan Africa
South Asia
South Asia
OECD high income
OECD high income
Middle East & North Africa Latin America & Caribbean
Middle East & North Africa
Europe & Central Asia
Latin America & Caribbean
East Asia & Pacific
Europe & Central Asia East Asia & Pacific
0
100
200
300
400
0
500
8
500
1000
1500
Reforms open opportunities – more work to do
Colombia labor & tax reforms reduce informality • Labor / tax reform: cut non-wage costs (formerly up to 60% of labor costs). • Cut : in-kind transfers to low income hholds, employer contribution for training, health transfers – total drop of 22.4% in payroll tax. • 4 years after labor reform, informality down 6.5 percentage points in 13 large cities. • Shift from wage taxes to income taxes (payroll taxes reduced by 13.5 pct. pnts for those earning up to 10 minimum wages).
• To compensate for reduced payroll tax, CREE (Contribución Empresarial para la Equidad) was set up – an 8% corporate tax, with few deductions. Overall tax on corporations remained roughly unchanged – but incentives changed.
10
http://www.imf.org/en/Publications/FM/Issues/2017/04/06/fiscalmonitor-april-2017
Mexico reforms have delivered, but expectations need to be scaled •
•
Source: Pemex. Mexico
Fiscal: about 5 percentage points added revenue, allowed government to weather collapse in oil prices.
•
Competition: the overlooked one.
•
Energy: opportunities, but implementation will face challenges.
•
Labor: record generation of formal employment – also a boon for Mr. taxman
•
Gasoline storage days by country
Telecoms: Gave Banxico room on inflation, should drive penetration & lower costs (and already has).
India
S. Africa
Japan
China
USA
Education: story for the long run. France
0
11
20
40
60
80
100
120
Competition – driving surge in entrepreneurship
Mexico private capital fundraising (US$bn) Source: EMPEA. 2.5
Mexico private capital fundraising (% LATAM)
Private Equity Investment: % by Sector Source: EMPEA.
35.0% 30.0%
2.0
Oil & gas
25.0%
Utilities Financials
1.5
20.0% Health Care Consummer Goods & Services
15.0% 1.0
Other
10.0% 0.5
5.0% 0.0%
0.0 2008 2010 2012 2014 12
Peruvian micro-reforms seek to increase productivity • With investment & growth already high (circa 28% & 4.5% respectively), country is now focused in micro reforms: • Decreasing corporate taxes (2017).
• Improve credit information to deepen financial markets (2016). • Efforts to streamline infra & construction by reducing paperwork (i.e. some pre-construction requirements) (2013). • Minority Investor protection measures, such as related party transaction regulation, as well as allowing minority shareholder broader access to company information (2012 & 2013).
Infrastructure execution capacity will be tested with reconstruction efforts – at the same time as the country deals with Odebrecht challenges related to Lava-Jato.
13
Pension reform is the “make or break” for Brazil 2050 projected public spending on pensions (% of GDP)
Share of the population over 60 years old: now and in 2050.
OECD projections
Source: UN, ScotiaFIC Strategy. 45.0%
Turkey 2050
Brazil
2015 40.0%
Slovenia Belgium
35.0%
Russia 30.0%
Italy
Worst 10 countries in the OECD 2015 projections-
Austria
25.0%
Greece 20.0%
Portugal 15.0%
France
10.0%
Chile 5.0%
Mexico Argentin a
0.0%
0.0%
14
5.0%
10.0%
15.0%
20.0%
Where does the pension reform stand? • The bill cleared the committee level with a vote of 23—14 (good news on the victory margin). • The vote in the lower house (where it needs to secure 308 votes) has been delayed in order to secure the necessary votes. • The effort to secure the necessary votes will be tough, with 71% of Brazilians opposing the bill, and President Temer’s popularity already flirting with 10% approval rates. • In order to improve the bill’s odds of passage, about 25% of the initial planned savings have been watered down, reducing the expected savings by about US$190bn over the next 10 years
15
Lava Jato – top Brazilian export of 2017?
What is the Lava-Jato?
• An investigation into corruption in Brazilian politics and business that kicked off in March-2014. • The Lava Jato contributed to the impeachment of President Dilma Rousseff (PT party). • The key figure in the investigations has ben Sergio Moro – an independent prosecutor (Federal Judge). • 160 people have been arrested so far… • 93 people have been convicted. • 16 companies in Brazil have been implicated so far – the scandal continues to spread internationally – Odebrecht is acting as a “contagion vehicle”. • The investigations have contributed to the country’s macrostagnation…. Among other reasons by paralyzing investment….
17
There is fairly widespread distrust of public institutions across LATAM
• Outside of the army (and in Chile’s case civil servants), major economies in LATAM suffer from deep distrust of public institutions. • Does this mean that, like elsewhere, LATAM is rife for “anti-system” candidates?
Perception of Corruption in Government Institutions Mexico Brazil Chile Denmark Political parties 91% 81% 76% 30% Legislative branch 83% 72% 68% 18% Army 42% 30% 36% 17% Police 90% 70% 53% 9% Judicial system 80% 50% 67% 5% Civil Servants 87% 46% 58% 11% Source: IMCO, from "Corruption Barometer", Transparency International. 18
Spain 83% 67% 19% 37% 51% 42%
USA 76% 61% 30% 42% 42% 55%
India 86% 65% 20% 75% 45% 65%
LATAM corruption levels are high, but not in all countries • In some ways, Brazil was one of the countries “ready” for corruption to become a scandal… but not the only one. In the past 12 months, do you think your company did not get a contract due to a bribe by a competitor?
Bribery Incidence Source: World Bank Enterprise Survey. 14.0%
Source: IMCO "La Corrupcion en Mexico", data from Transparency International, "Putting Corruption out of Business".
No
12.0%
Yes
100% 90%
10.0%
80% 8.0%
70%
60%
6.0%
50% 4.0%
40% 30%
2.0%
20% 10%
0.0% Chile
High income OECD
Colombia Argentina
Peru
Brazil
Mexico
0% China
19
Brazil
Chile
USA
Brazil continues to struggle with the fallout of corruption investigations • Lava Jato has contributed to a collapse in infrastructure investment in Brazil Brazil: Investment in transport with private participation (current US$) Source: World Bank. $40
US$ Billions
$35
$30
$25
$20
$15
$10
$5
$2001
2002
2003
2004
2005
2006
2007
2008
20
2009
2010
2011
2012
2013
2014
2015
2016
The Lava Jato has blown open investigations across the region • Lava Jato continues to spread across Brazil •
The fall-out from the Lava Jato already contributed to the collapse of one government in Brazil.
•
It now has nearly 1/3 of the current government’s cabinet under investigation, as well as over 100 politicians.
• Lava Jato’s is now being exported across the region: •
Peru’s FinMin suggested the Lava Jato investigation could shave 1 percentage point off the country’s GDP growth as it paralyzes infrastructure investment.
•
In Colombia, it already paralyzed at least US$1.7bn worth of infrastructure projects (Ruta del Sol II). The delays could stretch 5 years.
• Where does it hit next? •
Accusations of bribery requests have already surfaced in Mexico, Pemex’s former CEO being the target of a recent accusation for soliciting a US$5mn bribe (its only an accusation in Brazilian courts so far – rejected by the accused).
• In the long run – this scandals can actually be used to improve the region’s outlook. Civil society is waking up. 21
How does the anti-corruption drive impact markets?
• Corruption as a major election driver likely here to stay. Don’t be surprised to see it having a major impact in regional elections: • Chile holding Presidential elections in November 2017. • Brazil (October), Colombia (May) and Mexico (July) having Presidential elections in 2018. • Anti-establishment candidates on the rise? Not yet clear, but stage could be ripe for Trump-like outsiders in some countries. • What does an outsider look like in LATAM? • Potential headwinds to growth – region needs to clean up its act. • Positive spin on the corruption story – is the region finally building institutions?
22
How concerned should Mexico be about its northern neighbor?
NAFTA has helped turn Mexico into a diversified economy Most Mexican imports are “intermediate goods” – which limits FX – inflation pass-through
Mexico’s export diversification should also be seen as a sort of buffer Composition of Mexican exports (% of total)
Exports of manufactured goods (US$bn)
Source: IMCO, from Atlas of Economic Complexity
Millions
Source: UnctadStat. $350
Manufacturing
Fuels & minerals
Other
Chemicals
Food and live animals
Raw materials
Mexico
$300
Machinery & transport equipment
100%
South America
90%
$250 80% 70%
$200
60%
$150
50%
40%
$100 30% 20%
$50
10%
$1995
2000
2005
2010
0%
2015
1962
24
1982
2002
2014
Trump’s threats • Build the wall – and pay for it: •
Way to pay has morphed constantly: •
Tariff – what about NAFTA & WTO?
•
Border adjustment tax.
•
Remittances tax
• What’s next for NAFTA? •
Update: add-ons to existing treaty.
•
MOU renegotiation: limits risks – can lead to update for the whole block.
•
Open Pandora’s Box: breakup
•
Time is on Mexico’s side
• Mass-deportations. •
Mexico cannot absorb that many.
•
Insecurity.
•
Who will take those jobs? 25
Mexico is not only a country that sells a lot into the US •
Mexico is the second top source of tourists visiting the US, and the second top importer of US goods – by a wide margin
International tourist arrivals into the US (% of total) Source: US Trade, Scotia FIC Strategy.
18mn annualized
36mn annualized
19mn annualized
Mexico
Canada
Other
26
Mexico: arguably the most integrated manufacturing sector w/ US •
Its tough to see US manufacturing not pushing back vs disruptions to US-CanadaMexico manufacturing hub (cross value added is huge).
•
There is arguably no two manufacturing industries globally more integrated than US-Mexico. Differences in wage costs suggest they are complementary to each other, rather than competitors. U.S. share in imports from major trading partners
Major destimations for US manuf. exports (US$thds) Source: UNCTAD Stat, ScotiaFIC Strategy.
0.0%
Canada Mexico
10.0%
20.0%
30.0%
40.0%
50.0%
Mexico
China
Canada
Japan
Malaysia
Germ… UK
Korea
Korea
China
Nethe… Brazil
Indonesia
Belgium
Brazil
Hong… Austr…
Australia
Singa…
EU
Taiwan
Japan
France
South Africa
S.… UAE
India
Italy $-
$100,000,000
$200,000,000
Russia
$300,000,000
27
Source: NBER, ScotiaFX Strategy.
The top employers in the US have strong vested interests in Mexico Top employers in the US Walmart McDonalds Kroger IBM
Walmart, Mc Donald's, IBM, Home Depot, UPS, GE, HP, PepsiCo, FedEx, AT&T, Citigroup, GM – among others, all have substantial operations in Mexico.
Home Depot Target UPS Berkshire Hathaway GE Yum! Brands HP FedEx PepsiCo Lowe's
These should be “natural allies” in Mexico’s negotiations
Albertsons Wells Fargo AT&T JP Morgan Chase Citigroup Deloitte BofA GM 0
500,000
1,000,000
1,500,000
28
Thank you!!
29
30
Annex – for Q&A Session
Election year for 2018 should kick-off this summer – with EdoMex election • Largest state in Mexico by population (16mn), one of the three largest in the country by GDP (normally #2). • Many political analysts see it as a bell-weather for the presidential election: state has large share cosmopolitan Mexico City, rural population, strong industrial sector, etc…. • PAN running with former Presidential hopeful Vazquez Mota, PRI with EPN’s cousin (del Mazo – son of a former Governor), and Morena with a relatively unknown Delfina Gomez. Electoral preference (EdoMex, %)
Rejection Rate (EdoMex, %)
Source: Consulta Mitofsky Undecided 18%
70.0% Del Mazo 24%
Source: Consulta Mitofsky
60.0% 50.0%
Other 4%
40.0%
Oscar Yañez (PT) 2%
30.0% 20.0%
Juan Zepeda (PRD) 13%
10.0% Vazquez Mota 18%
0.0%
Delfina Gomez 21%
PRI 32
PAN
PRD
Morena
Who are the candidates? … still too soon to tell in some cases AMLO has by far the strongest brand – which is both a plus and a minus Other party’s candidates are still “up in the air”
AMLO is the only “sure bet” to lead his party
33
Who will win 2018’s presidential elections? Who knows, but AMLO is strong The PRI has had a very strong collapse in early 2017…. Is now a distant third place. Evolution of recent electoral polls (note, this includes: Reforma, Massive Caller, El Financiero, Mitofsky, Mexico Elige, GEA-ISA, Excelsior, and El Universal - hence polls that are not methodologically consistent)
40.0% PRI
PAN
PRD
Morena
35.0%
30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Dec-16
Jan-17
Feb-17 34
Mar-17
Apr-17
Its not only important to look at who people like…. But also who they dislike
Rejection of political parties (% of voters)
2018 electoral preferences - by political party (% of voter intentions)
Source: Consulta Mitofsky.
Source: Consulta Mitofsky.
45.0% 40.0%
PAN PRI Other
Morena PRD Un-decided
55.0%
PRI
Green
Morena
PAN
PRD
50.0%
35.0% 45.0%
30.0% 40.0%
25.0% 20.0%
35.0%
15.0%
30.0%
10.0% 25.0%
5.0%
20.0%
0.0% Jul-16
Sep-16
Jul-16
Feb-17 35
Sep-16
Feb-17
How do parties do at the regional level? • The PRI has gone from the only “nationally strong” party, to “nationally weak”. • The PAN is arguably today’s “national party”. • Morena is super strong in the Center / South, but is very weak in the North. • Huge number of “undecided voters” – particularly in the Center (i.e. Mexico City), and the North-West – a PAN bastion. Northwest
Northeast
West
Center
Southeast
PAN
20.0%
23.7%
28.1%
14.2%
12.3%
Morena
7.4%
12.4%
11.7%
20.5%
20.3%
PRI PRD
6.4% 5.0%
25.1% 2.0%
10.5% 4.8%
12.2% 4.7%
13.6% 8.9%
Other
8.4%
6.5%
15.0%
4.3%
12.0%
Un-decided
52.8%
30.3%
29.9%
44.1%
32.9%
Source: Consulta Mitofsky, ScotiaFIC Strategy.
36
How bad can it be under AMLOve? •
Hard to see a scenario where he controls Congress
•
•
Referendum on energy reform may not be legal •
•
•
•
Regionally concentrated Morena, may struggle to attract undecided voters outside of its sphere of influence (it does not crack 13% in: 3 of the 5 regions of the country)
Article 40 of the Constitution, electoral matters, issues related to public income and spending, national security and issues related to the armed forces cannot be subject to referendum.
Don’t forget NAFTA •
Energy chapter
•
Ratchet clause
He is somewhat of a known quantity •
He already governed Mexico City – was not horrendous.
•
Not good for nascent civil society
Damage is limited in an economy that is no longer natural resource based
37
How stable is the security situation? The security situation is serious in some states, but fairly stable in others Murder Rate / 100k population 0 - 2.5 2.5 - 5.0 5.0 - 7.5 7.5 - 10.0 10.0 - 12.5 12.5 - 15.0 15.0 - 17.5 17.5 - 20.0 20.0 - 25.0
Mexico over time
Mexican States Yucatán Aguascalientes Querétaro Tlaxcala Baja Calif. Sur Chiapas Veracruz San Luis Potosí Quintana Roo Guanajuato National level (2014) Nuevo León Nayarit Oaxaca Michoacán Sonora Tamaulipas Zacatecas Durango Durango Sinaloa Chihuahua Guerrero
25.0 - 30.0 30.0 - 40.0 40.0 - 50.0 50.0 - 70.0 > 100 Sources: INEGI, UN, FBI.
2007 Campeche Puebla Tabasco Distrito Federal
Jalisco Baja Calif. Coahuila Colima
Edo. Mex.
2008 2014 2009, 2013 2010 - 2012
Italy Chile Thailand Uruguay Nicaragua
Ecuador Congo Myanmar Guyana Botswana Nigeria Dominican Republic Brazil Colombia El Salvador Venezuela
Morelos
Countries France US Ghana Costa Rica Tanzania
US Cities Canada Cuba Barbados Peru
Portland NYC L.A. Jacksonville
Ivory Coast Pittsbourgh Miami Chicago Rwanda Cleveland
Trinidad and Tobago South Africa Guatemala Oakland Belize Honduras New Orleans
San Diego Las Vegas Phoenix Indianapolis
Mexican Cities Austin Denver San Fran. Dallas
Washington DC Atlanta Philladelphia
Kansas City
Newark
Baltimore
Detroit
Merida Campeche Queretaro Cozumel
Guanajuato Los Cabos
Aguascalientes
Mexico City
Mexicanlli
Cancun
Durango Guadalajara
Monterrey Cd. Juarez Zihuatanejo Acapulco
Tijuana Chilpancingo
Our view is deeper mortgage penetration contributes to stability, by making more citizens sensitive to fiscal irresponsibility
How crime affects entities is not homogeneous nationwide Regional breakdown of cost of crime
Mortgages as % of bank lending to the private sector
Source: CIDAC, ScotiaFX Strategy.
Source: Banxico, ScotiaFX Strategy. 25% Robbery
North
20%
Loss of business / investment Center North Loss of sales
15%
Personal risk
Center
10%
Rise in security expense South
5%
Others 0%
20%
40%
60%
80%
0% Jan-00
100%
38
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Mexico’s gasoline market – a big opportunity in the region
• Starting this year, private players can import gasoline. • However, some hurdles remain:
• Issues on what the definition of gasoline is need to be ironed out (i.e. additives). • A consolidation of the gasoline industry is taking place….
39
Chilean corporate debt has been rising steeply
From the IMF’s Article IV Consultation.
40
Household debt is also relatively high compared to rest of LATAM
From the IMF’s Article IV Consultation.
41
Trump also matters to Chile…
From the IMF’s Article IV Consultation.
42
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Aviso legal
de The Bank of Nova Scotia, utilizada bajo licencia (donde corresponda). Scotiabank, junto con “Banca y Mercados Globales” es el nombre comercial utilizado para designar las actividades de banca corporativa y de inversión global y de mercados de capitales de The Bank of Nova Scotia y algunas de sus empresas afiliadas en los países donde operan, incluyendo Scotia Capital Inc., Scotia Capital (USA) Inc., Scotiabanc Inc., Citadel Hill Advisors L.L.C., The Bank of Nova Scotia Trust Company of New York, Scotiabank Europe plc, Scotiabank (Ireland) Limited, Scotiabank Inverlat S.A., Institución de Banca Múltiple, Scotia Inverlat Casa de Bolsa S.A. de C.V., Scotia Inverlat Derivados S.A. de C.V., que son todas miembros del grupo Scotiabank y usuarios autorizados de la marca. The Bank of Nova Scotia es una institución constituida en Canadá con responsabilidad limitada. Scotia Capital Inc. es miembro del Canadian Investor Protection Fund (Fondo Canadiense de Protección a Inversionistas). Scotia Capital (USA) Inc. es corredor y agente registrado ante la SEC (Comisión de Bolsa y Valores) y miembro de la FINRA, de la Bolsa de Valores de Nueva York (NYSE) y de la NFA. The Bank of Nova Scotia está autorizado y reglamentado por la Oficina del Superintendente de Instituciones Financieras de Canadá. The Bank of Nova Scotia cuenta con la autorización de la Autoridad de Regulación Prudencial del Reino Unido y está sujeto a la reglamentación de la Autoridad de Conducta Financiera y a las limitaciones de la Autoridad de Regulación Prudencial del Reino Unido. Los detalles sobre el alcance de la reglamentación de The Bank of Nova Scotia por parte de la Autoridad de Regulación Prudencial del Reino Unido están disponibles previa solicitud. Scotia Capital Inc. está reglamentado por la Investment Industry Regulatory Organization of Canada (Organización para la Reglamentación del Sector de Inversiones de Canadá) y autorizado y reglamentado por la Autoridad de Conducta Financiera. Scotiabank Europe plc cuenta con la autorización de la Autoridad de Regulación Prudencial del Reino Unido y está reglamentado por la Autoridad de Conducta Financiera y la Autoridad de Regulación Prudencial del Reino Unido. Scotiabank Inverlat, S.A., Scotia Inverlat Casa de Bolsa, S.A. de C.V., y Scotia Inverlat Derivados, S.A. de C.V. están autorizados y reglamentados por las autoridades financieras mexicanas. Es posible que los productos y servicios aquí mencionados no estén disponibles en todas las jurisdicciones y sean ofrecidos por entidades jurídicas diferentes, que tienen autorización de usar la marca Scotiabank. TM Marca
La marca ScotiaMocatta se usa en asociación con las actividades de The Bank of Nova Scotia relacionadas con metales base y preciosos. La marca Scotia Waterous se usa en asociación con las actividades de asesoría sobre fusiones y adquisiciones de empresas del sector de petróleo y gas que lleva a cabo The Bank of Nova Scotia y algunas de sus subsidiarias, como Scotia Waterous Inc., Scotia Waterous (USA) Inc., Scotia Waterous (UK) Limited y Scotia Capital Inc., todos miembros del grupo Scotiabank y usuarios autorizados de la marca. Scotia Capital Inc. posee y controla una participación accionaria en TMX Group Limited (TMX) y tiene un director fiduciario dentro de la junta directiva. Como tal, Scotia Capital Inc. podría tener un interés económico en la cotización de acciones en un mercado bursátil que sea propiedad u operado por TMX, incluyendo la Bolsa de Valores de Toronto, el Segmento de Capital de Riesgo de la Bolsa de Valores de Toronto y la Bolsa de Valores Alpha, cada una como Bolsa de Valores independiente. Ninguna persona o empresa tendrá la obligación de adquirir productos o servicios de TMX o de sus afiliados como condición para que Scotia Capital Inc. proporcione o continúe proporcionando un producto o servicio. Scotia Capital Inc. no exige que los emisores de acciones o que los accionistas que pretendan vender acciones coticen en alguna de las Bolsas como condición para que suscriba o continúe suscribiendo o que proporcione o continúe proporcionando un servicio.
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Contact Information
Eduardo Suarez Mogollón Director, Co-Head LATAM FI & FX Strategy. Scotiabank | Banca y Mercados Globales Blvd. Manuel Avila Camacho 1, Piso 1, Mexico DF, Col. Lomas de Chapultepec, C.P. 11009, Mexico T:+52.55.9179. 5174 45